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In this economy, practically everything feels expensive. Gas, food, rent, it all just costs so much that it can make your head spin sometimes. Things could always be worse, though, and as we found out, there are some places where it’s just about as bad as it can get.
To be more specific, the Movoto Real Estate Blog has done a little digging and found the most expensive zip codes in the nation. These neighborhoods would be difficult to afford no matter how much money you made, or how frugally you lived. When you find out a little more about these top 10 costly zip codes, you’ll probably begin to understand why:
1. 91008, Duarte, CA
2. 11507, Albertson, NY
3. 95007, Brookdale, CA
4. 91914, Chula Vista, CA
5. 11937, East Hampton, NY
6. 91708, Chino, CA
7. 92305, Angelus Oaks, CA
8. 11509, Atlantic Beach, NY
9. 96714, Hanalei, HI
10. 90743, Seal Beach, CA
Shocked to see California and New York in most of these? Yeah, we weren’t either. You can see the 50 most costly zip codes in the chart at the bottom of this list, if you want to check for your hometown. If you’re still scratching your head about how exactly we figured all this out, wonder no more. We’ll talk about all that in the very next section.
Our Methodology
This isn’t our first time making a Big Deal List, but let’s go over how we do this for all you first-timers out there. To find out a little more about these costly five-digit locales, we used data rather than just personal feelings to rank our top 10. We consulted the U.S. Census five year community survey to gather data in the following four criteria:
- Median home cost (the higher, the better)
- Median monthly home owner expenses as a percent of income (the higher, the better)
- Median monthly rent (the higher, the better)
- Median monthly rent as a percent of income (the higher, the better)
So we weren’t just looking at how much a house or apartment cost, we were looking at how costly and difficult to afford it was for the people who lived there. So these might not necessarily be the most expensive spots around.
After we removed any places that didn’t have data in those criteria, we had a total of 28,135 zip codes to analyze. Then, we ranked each place in each category from one to 28,135, with scores closer to one being more expensive. Then we averaged each place’s rankings into one Big Deal Score. The place with the lowest number for that score was our most expensive Zip code, and definitely out of our price range.
You can read the following sections to find out a little more about each of these supremely pricey places. Who knows, it might make you feel a little better about your own monthly expenses.
1. 91008, Duarte, CA: Get Your Overpriced Kicks On Route 66
This area was once the home of Glenn Miller, and with these kind of costs, you’d have to be a band leader or something to live here. The median rent here was over $2000, and the median home price for this zip code was $952,100. You’d think the 1,122 people who live here would be big spenders to be able to cover those costs.
However, it seems this place was even more costly than one might imagine. Over 30 percent of paychecks here went towards monthly homeowner expenses, which ranked 614th out of over 28,000 zip codes, and 50 percent went towards rent, leaving little afterwards for savings or fun.
Such is the price of living in such a fine little area.
2. 11507, Albertson, NY: Parks, Ponds, And High Prices
Yes, there may be good schools in this area, and yes, there may be lovely parks and neighborhoods, but you know what’s not lovely here? The price tag. Even though homes were slightly less expensive here at a median home cost of $612,400, the rent was still over $2,000, and the cost of living in general here was through the roof.
At the end of the month, locals spent at least 50 percent of income on rent, and at least 33.5 percent on homeowner expenses. Sure, the nearby Clark Botanical Garden is nice, but is it really worth all that? We’d say probably not.
3. 95007, Brookdale, CA: A Great Deal In The Bay Area? Not Quite
This was one of the smaller places in our top 10, at only 602 people in size, but it still asked a huge cost to live here. For starters, the median rent was over $2,000, and 50 percent of monthly income was spent on rent. Even if you’re just visiting, staying at the historic Brookdale Inn & Spa will still cost you a pretty penny.
If you’re a homeowner, you might think things are a little more affordable. The median home price was only $514,700, and considering its proximity to much more expensive areas like San Jose, that might be a good deal. Yes, it would be a good deal if locals weren’t spending 35.5 percent of their income on monthly homeowner expenses.
4. 91914, Chula Vista, CA: Green For Forests, And Green For All The Money You’re Spending
If you’re a nature lover, you might find this place calling your name. It has part of the San Diego National Wildlife Refuge, it has multiple community parks, and even several hiking trails. But before you run out to buy a home there, take a look at the costs first.
Yes, that home may only cost $473,800, but you’d also be spending 35.3 percent of your earnings on monthly homeowner expenses, so keep that in mind.
Maybe you’d like to rent instead then? That’s also not so easy, seeing as the median rent was over $2000, which cost 50 percent of locals’ income. So while it may be pretty, trying to live here is more costly than you might imagine.
5. 11937, East Hampton, NY: Your Own Private Island, If You Can Afford It
This one probably isn’t too much of a surprise for anyone who knows New York well. Pretty much everything here is beachfront property, and part of this zip code consists of a separate island, Gardiner’s Island, which is about as exclusive as you can get. The median home cost of $834,300 definitely showed how wealthy you’d have to be to call this place home.
Even the wealthy find this place pretty difficult to afford, though. The median rent was $1,868, and 50 percent of household income was spent just on paying that. For homeowners, 27.8 percent was spent on monthly expenses, leaving little left over to enjoy.
So while a private island sounds pretty tempting, you’d be hard-pressed to pay for it.
6. 91708, Chino, CA: Not The Great Deal You Were Hoping For
This one might surprise some California locals. Really? Chino is one of the most costly places to live? As it turns out for the 3,840 people who live in this zip code, it definitely costs an arm and a leg. Well, that and at least 50 percent of your monthly paycheck for rent, which averaged at over $2,000 per month.
Homeowners don’t have it much better. While this place did have the lowest median home price at $412,900, locals still paid 37.7 percent of their income for monthly homeowner expenses. So if you were looking for a bargain somewhere nearby Prado Regional Park or the El Prado Golf courses, you’d best think again.
7. 92305, Angelus Oaks, CA: Great For Skiers, Bad For Wallets
Anyone who’s ever been skiing or snowboarding at Big Bear knows that it’s a fantastic place to visit. But to live near there, particularly in this little zip code, it’s kind of a nightmare. Sure the trees are beautiful, but when you have to pay $766,700 for an average home or pay $1,333 on rent, you have to be questioning whether or not it’s worth it.
Another thing that might make you question living there is the fact that at least 50 percent of your paycheck would go to rent, and an average of 50 percent would go to median homeowner expenses each month.
If you ski and have money to spare, you might want to give this place a look, otherwise, maybe you’d be happier getting an air freshener that’s pine-scented to satisfy your love of trees.
8. 11509, Atlantic Beach, NY: Perfect For Beaches, Not Beach Bums
This was another place that was all about beachfront property. In fact, the Silver Point Beach Club and the Sunny Atlantic Beach Club both make their home in this little zip code. Still, to make your home here, you’d have to pay over $760,000 for a home, or shell out a slightly more reasonable $1,391 in rent.
Even after that, trying to afford living here is more costly than most can manage. Locals spent roughly 50 percent of their income on rent, or 31.1 percent of income on homeowner expenses. So while this is a pretty and exclusive place to call home, you’ll find opening a savings account here is hard for even the well-off.
9. 96714, Hanalei, HI: Paradise At A Price
The only Hawaii representative on our list, this place is honestly pretty much heaven. Located around the beautiful Hanalei Bay, this place has it all. Beaches, parks, restaurants, shopping, you can really find just about anything here. You’d better be ready to offer up all you have to call this place home, though, because that’s what it’ll take to live here.
The average home price was over $1,000,000, and though the rent was a much more manageable $1,245, around 50 percent of locals’ paychecks went to paying that. On top of that, homeowners spent nearly 40 percent of their income on monthly expenses, so it’s lucky that you’re already in a vacation spot, because you won’t be able to afford to travel much.
10. 90743, Seal Beach, CA: There’s A Reason The Surfers Only Visit
This place has a bit of a history for surfing, and is home to famous longboard builders and shops. However, most surfers don’t call this place home for a very good reason. That reason is namely the cost of pretty much everything. The home prices here were over $1,000,000, and the rent here was over $2,000. That alone is pretty difficult to afford.
On top of all that, locals here spent over 38 percent on homeowner costs, and about 41.7 percent on rent. So while beach-bums may frequent this spot, this area is definitely too financially difficult for them, and for most of the nation as well. Ah well, at least it’s a great place to visit, right?
Too Rich For My Blood
Some of these places are the types of spots we can only dream about living in, and others are just locations we financially will always have to avoid. Either way, these spots at least remind us that this is one seriously expensive time to be living in.
Still, there’s always a place to fit anyone’s price range. We should know, considering we sell houses and all that jazz. So if you’re looking to move up in the world, or maybe just looking for something to fit your particular financial needs, don’t hesitate to drop us a line, and we’ll see what we can do to help.
